ANTI MONEY LAUNDERING, KYC RECORDS & AMENDMENTS IN FOREIGN TRADE POLICY
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for VIDEO LECTURES OF ASHISH SIR (FOR ALL SCALES) — Bank Promotions.
One-liners from this chapter
Free sample — 8 of 65 rapid-fire Q&A cards.
What is the primary objective of the Prevention of Money Laundering Act (PMLA), 2002?
PMLA aims to prevent money laundering and provide for confiscation and seizure of property obtained from laundered money, while obligating banks and financial institutions to maintain records and report suspicious transactions.
What is the penalty for money laundering under PMLA 2002?
Rigorous imprisonment of 3 to 7 years and fine.
Which authority is responsible for receiving and analyzing Suspicious Transaction Reports (STRs) in India?
The Financial Intelligence Unit – India (FIU-IND), under the Ministry of Finance, is the nodal agency responsible for receiving, processing, analyzing, and disseminating STRs and other financial intelligence reports.
Which court has jurisdiction to try offences under PMLA 2002?
Special Court designated by the Central Government.
Within what time period must a bank file a Suspicious Transaction Report (STR) with FIU-IND after suspicion arises?
A bank must file an STR within 7 working days of being satisfied that the transaction is suspicious, irrespective of whether the transaction involves a criminal offence or not.
What is the full form of FIU-IND?
Financial Intelligence Unit – India.
What is the threshold amount above which Cash Transaction Reports (CTRs) must be filed with FIU-IND?
Banks must file CTRs for all cash transactions of Rs. 10 lakh and above (or its equivalent in foreign currency) in a single day, whether in a single or multiple transactions.
Under which ministry does FIU-IND function?
Ministry of Finance, Government of India.
Video classes for this chapter
Master the full VIDEOLECTURE syllabus
Every chapter of VIDEO LECTURES OF ASHISH SIR (FOR ALL SCALES) — videos, tests, notes and one-liner decks in one place.